High-Tech Company Congressional Hearings 200731
July 31, 2020
Emailed to The United Nations, Fed Chair Jay Powell, St Louis Fed President James Bullard, Minneapolis Fed President Neel Kashkari, Dallas Fed President Robert Kaplan, Congressman Van Taylor, Congressman Colin Allred, Senator John Cornyn, Senator Ted Cruz, The U.S. SEC, and NYT/WSJ/WP/DMN/CNBC on 7/30/20.
The Washington Post
Amazon, Apple, Facebook and Google grilled on Capitol Hill over their market power
By Tony Romm
July 29, 2020 at 5:55 p.m. CDT
The leaders of Amazon, Apple, Facebook and Google took a brutal political lashing Wednesday as Democrats and Republicans confronted the executives for wielding their market power to crush competitors and amass data, customers and sky-high profits.
The rare interrogation played out over the course of a nearly six-hour hearing, with lawmakers on the House’s top antitrust subcommittee coming armed with millions of documents, hundreds of hours of interviews and in some cases the once-private messages of Silicon Valley’s elite chiefs. They said it showed some in the tech sector had become too big and powerful, threatening rivals, consumers and, in some cases, even democracy itself.
The U.S. Congress just wasted several hours of hearing time on July 29, 2020 to discuss whether or not four high-tech companies (Amazon, Apple, Facebook, and Google) should be broken up due to antitrust violations! I find it quite ironic that the corrupt U.S. Government is looking for a way to reduce the market dominance of four high-tech companies that they have created by their own incompetence and fraudulent accounting!
The corrupt U.S. Government is committing a fiscal and accounting fraud that has printed $153.6 Trillion of imaginary-counterfeit money that the planet is using to buy products and services from these four high-tech companies!
These four companies, and many others like them, have become gigantic companies because the U.S. Government is corrupt!
The corrupt U.S. Government is fraudulently borrowing imaginary-counterfeit money from the future Americans and giving it to the U.S. upper class by not operating its fiscal policy with proper accrual accounting. In the United States of America this accrual accounting methodology is called General Accepted Accounting Principles (GAAP Accounting)!
My “Amazon is a Fraud 200730” commentary explains how this accounting fraud has made Amazon appear to be worth $1.5 Trillion!
The following is a link to my 15th Whistleblower Letter to the US Securities and Exchange Commission in an attempt to expose this U.S. Government accounting fraud (USAPonzi) that is enabling the market dominance of Amazon, Apple, Facebook, and Google!
SEC Whistleblower Letter #15
The following table gives a summary assessment of the U.S. Government financial condition as of July 31, 2020 as estimated by www.usdebtclock.org.
|Cash Deficit in FY2020
|*GAAP Deficit in FY2020
|US Unfunded Future Liabilities
|US Unfunded Liabilities (GAAP)
|Total National Assets
Source: www.usdebtclock.org July 31, 2020
*usdebtclock.org has stopped explicitly reporting the GAAP Deficit. The GAAP Deficit is implicitly reported as the change in US Unfunded Liabilities (GAAP). US Unfunded Liabilities (GAAP) were $126.1 Trillion on October 1, 2019 the start date for FY2020, therefore the GAAP Deficit in FY2020 will be >$27.5 Trillion (>$153.6T-$126.1T = >$27.5T).
I have written two websites (www.usaponzi.net and www.usaponzi.com) and eight books that explain this accounting fraud and the impact it is having on Planet Earth. My latest book (USAPonziE) is available on Amazon and can be downloaded from my www.usaponzi.net website.
This is the biggest ($153.6 Trillion) financial fraud ever perpetrated, I call it “USAPonzi: The Great American Fraud” and “The Biggest Ponzi Scheme on the Planet”!
John W. White